Investment Rating - The report maintains an "Accumulate" rating for the company [5][8]. Core Views - The company reported a slight increase in revenue and net profit for 2024, with year-on-year growth of 0.9% and 1.2% respectively, slightly above previous expectations [1]. - The company is focusing on steady asset expansion, particularly in the technology sector, with a notable increase in loans to technology enterprises [2]. - The report highlights an improvement in liability costs and a stable asset quality, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 339% as of Q1 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the company experienced a year-on-year decline in operating income of 7.4% and a slight increase in net profit of 0.3%, attributed to a high base from the previous year [1]. - The company plans to distribute a dividend of 0.43 RMB per share for 2024, resulting in a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4]. Asset and Liability Management - As of Q1 2025, total assets, loans, and deposits increased by 6.8%, 6.6%, and 5.7% year-on-year, indicating a steady expansion of the balance sheet [2]. - The net interest margin for 2024 was reported at 1.50%, with a decrease in the cost of interest-bearing liabilities and deposit costs compared to the previous year [3]. Valuation and Forecast - The report forecasts net profits for 2025-2027 to be 12.4 billion, 12.7 billion, and 13.1 billion RMB respectively, with a projected growth rate of 0.8%, 2.3%, and 3.4% [5]. - The target price for the company is set at 9.86 RMB, reflecting a price-to-book ratio of 0.72 for 2025 [5][9].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a 12.6% year-on-year growth in net profit attributable to shareholders after excluding non-recurring items for Q1 2025. The revenue for 2024 was 26.6 billion yuan, a 0.86% increase year-on-year, while the net profit attributable to shareholders was 12.3 billion yuan, up 1.20% year-on-year. For Q1 2025, the revenue was 6.6 billion yuan, a 7.41% decrease year-on-year, with a net profit of 3.6 billion yuan, reflecting a 0.34% increase year-on-year. The non-performing loan ratio and provision coverage ratio at the end of Q1 2025 were 0.97% and 339.27%, respectively, remaining stable and decreasing by 13 percentage points from the previous quarter [1][2][4][11]. Performance Summary - In Q1 2025, the company's net interest income decreased by 5.62% year-on-year, with the net interest margin for 2024 at 1.50%, down 6 basis points from the second half of 2024. The interest-earning assets and loan yield for 2024 were 3.36% and 3.77%, respectively, both showing declines. The cost of interest-bearing liabilities and deposit cost rates were 1.91% and 1.78%, respectively, also reflecting decreases [2][3]. - The net commission income fell by 6.26% year-on-year, but the decline was less severe than in 2024. Other non-interest income decreased by 14.40% year-on-year, although debt market-related income grew by 35.33% [3]. Asset Quality - The non-performing loan ratio remained at 0.97% in Q1 2025, with the attention ratio increasing by 21 basis points. The provision coverage ratio and loan-to-deposit ratio were 339.27% and 3.29%, respectively, both showing declines. The non-performing loan ratio for corporate loans improved to 1.02%, while the personal loan non-performing ratio remained stable at 1.32% [4][10]. Financial Summary - The total assets and loan amounts at the end of Q1 2025 were 1.54 trillion yuan and 771.1 billion yuan, respectively, both showing year-on-year growth of 6.82% and 6.60%. The total deposits reached 1.08 trillion yuan, a 5.90% increase year-on-year [10][11]. - The company plans to increase its dividend payout ratio to 34% for 2024, up from 30.1% in 2023, indicating a commitment to returning value to shareholders [1][11].

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, with a year-on-year growth of 0.9% and 1.2% respectively, which is better than previous expectations of 0.3% and 0.7% due to improved non-interest income from the bond market [1] Group 1: Financial Performance - For Q1 2025, the company experienced a year-on-year decline in revenue of 7.4% and a slight increase in net profit of 0.3%, primarily due to a high base from the previous year's property disposal income of 550 million [1] - The company's operating quality remains stable, with a focus on increasing dividend returns, maintaining a rating of "accumulate" [1] Group 2: Asset and Loan Growth - As of Q1 2025, the company's total assets, loans, and deposits grew by 6.8%, 6.6%, and 5.7% year-on-year, indicating a steady expansion of its balance sheet [2] - In 2024, the company added 43.7 billion in loans, with corporate, retail, and bill loans accounting for 53%, 6%, and 40% respectively [2] - By the end of Q1 2025, the loan balance for technology enterprises reached 120.2 billion, an increase of 5.2 billion from the end of 2024 [2] Group 3: Cost and Income Analysis - The net interest margin for 2024 was 1.50%, a decrease of 6 basis points from the first half of 2024 and 17 basis points from 2023 [3] - The cost of interest-bearing liabilities and deposit costs for 2024 were 1.91% and 1.78%, respectively, showing improvements compared to 2023 [3] - In Q1 2025, retail RMB deposit interest rates decreased by 21 basis points compared to the beginning of the year, indicating ongoing optimization of funding costs [3] Group 4: Asset Quality and Dividends - As of Q1 2025, the non-performing loan ratio and provision coverage ratio remained stable at 0.97% and 339%, respectively, indicating steady asset quality [4] - The company proposed a dividend of 0.43 yuan per share for 2024, with a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4] Group 5: Valuation and Future Outlook - The company is projected to have a price-to-book ratio (PB) of 0.72 for 2025, reflecting a slight increase from the previous estimate of 0.70 [5] - Forecasted net profits for 2025-2027 are 12.4 billion, 12.7 billion, and 13.1 billion respectively, with year-on-year growth rates of 0.8%, 2.3%, and 3.4% [5] - The target price for the company's shares is set at 9.86 yuan, an increase from the previous target of 9.42 yuan, maintaining an "accumulate" rating [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Views - The company's revenue remains stable, with a notable dividend advantage, reflected in a dividend yield of 7.32% [2][10]. - The first quarter of 2025 saw a revenue decline of 7.4% year-on-year, attributed to high base effects from asset disposals in the previous year, while net profit growth remained modest at 0.3% [5][7]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of approximately 339% [10][12]. Financial Performance Summary - For the first quarter of 2025, the company reported a revenue of 66 billion yuan, down 7.4% year-on-year, and a net profit of 36 billion yuan, up 0.3% year-on-year [5][7]. - The total revenue for 2024 is projected at 26,641.34 million yuan, with a slight growth of 0.86% compared to 2023 [6]. - The forecast for net profit growth is adjusted to 0.9% for 2025, 3.6% for 2026, and 4.2% for 2027 [10][12]. Dividend and Capital Position - The dividend payout ratio for 2024 is 33.9%, an increase of 3.8 percentage points from the previous year, indicating a strong dividend policy supported by sufficient capital [7][10]. - The core tier 1 capital adequacy ratio stands at 14.36%, suggesting a robust capital position to support future growth and dividends [10][12]. Loan Growth and Quality - Loan growth remains stable, with a year-on-year increase of 6.6% in total loans as of the first quarter of 2025 [11][12]. - The bank's focus on corporate loans, particularly in technology and green sectors, has contributed significantly to new loan growth [7][11].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 9.86 [9][11]. Core Views - The company's revenue and net profit for 2024 are expected to grow by 0.9% and 1.2% year-on-year, slightly above previous expectations due to improved non-interest income from the bond market [1]. - The company has shown steady operational quality, with an increase in dividend payout ratio, indicating a commitment to shareholder returns [1]. - The asset quality remains stable with a non-performing loan (NPL) ratio of 0.97% and a provision coverage ratio of 339% as of Q1 2025 [4]. Summary by Sections Financial Performance - For Q1 2025, the company's revenue and net profit decreased by 7.4% and increased by 0.3% year-on-year, respectively, with a notable high base effect from property disposal income in the previous year [1]. - The company reported a net interest margin of 1.50% for 2024, a decrease from the previous year, but with an ongoing improvement in funding costs [3]. Asset and Liability Management - As of Q1 2025, total assets, loans, and deposits grew by 6.8%, 6.6%, and 5.7% year-on-year, respectively, indicating a steady expansion of the balance sheet [2]. - The company has optimized its deposit structure, with a current account ratio of 30.6% as of the end of 2024, reflecting a strategic focus on improving funding costs [2]. Dividend and Profitability - The company plans to distribute a dividend of RMB 0.43 per share for 2024, resulting in a dividend payout ratio of 33.91%, up from 30.10% in 2023 [4]. - The forecasted net profit for 2025 is RMB 12.386 billion, with a projected growth rate of 0.79% year-on-year [28]. Valuation Metrics - The report assigns a price-to-book (PB) ratio of 0.72 for 2025, reflecting a premium valuation compared to peers, which have an average PB of 0.53 [5][23]. - The estimated book value per share (BVPS) for 2025 is RMB 13.69, indicating a slight increase from previous estimates [5].

证券代码：601825 证券简称：沪农商行 公告编号：2025-014 上海农村商业银行股份有限公司估值提升计划 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示: 估值提升计划的触发情形及审议程序：自 2024 年 1 月 1 日至 2024 年 12 月 31 日期间，上海农村商业银行股份有限公司（以下简 称"本公司"）股票连续 12 个月每个交易日的收盘价均低于最近一 个会计年度经审计的归属于母公司股东的每股净资产。根据中国证监 会《上市公司监管指引第 10 号——市值管理》的规定，本公司应当 制定并披露估值提升计划。本公司于 2025 年 4 月 24 日召开董事会 2025 年第三次会议，审议通过了本次估值提升计划。 估值提升计划概述：本公司为提升自身投资价值，切实提高投 资者回报，结合经营实际及未来发展战略，制定了估值提升计划：一 是坚持以价值创造为核心，稳步推进高质量发展；二是以价值传递为 重点，积极开展市场交流；三是以价值实现为目标，增强投资者回报， 推动公司价值与市场估值的稳步提升。 相关风险提 ...

证券代码：601825 证券简称：沪农商行 公告编号：2025-007 上海农村商业银行股份有限公司 监事会 2025 年第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 上海农村商业银行股份有限公司（以下简称"公司"）监事会 2025 年第三次会议于 2025 年 4 月 24 日以现场方式召开，会议通知及会议 文件已于 2025 年 4 月 14 日以电子邮件方式发出。本次会议由连柏林 外部监事召集并主持，应参会监事 5 人，实际参会监事 5 人。本次会 议符合《公司法》和《上海农村商业银行股份有限公司章程》（以下 简称"《公司章程》"）关于召开监事会法定人数的规定，表决所形成 决议合法、有效。会议审议并经表决通过以下议案： 一、《关于上海农商银行监事会 2024 年度监督评价报告的议案》 表决情况为：同意 5 票，反对 0 票，弃权 0 票。 二、《关于上海农商银行 2024 年度董事履职评价的议案》 同意将 2024 年度监事履职情况的评价报告向股东大会报告。 四、《关于上海农商银行 2024 年度 ...

上海农村商业银行股份有限公司（以下简称"公司"）董事会 2025 年第三次会议以现场加远程视频电话接入方式于 2025 年 4 月 24 日在上海召开，会议通知及会议文件已于 2025 年 4 月 14 日、2025 年 4 月 21 日以邮件方式发出。本次会议应出席董事 14 人，亲自出席 董事 14 人。会议由徐力董事长主持，公司部分监事、非董事高级管 理人员列席会议。本次会议符合《公司法》和《公司章程》关于召开 董事会法定人数的规定，表决所形成的决议合法、有效。 会议经审议并表决通过以下议案： 证券代码：601825 证券简称：沪农商行 公告编号：2025-006 上海农村商业银行股份有限公司 董事会 2025 年第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 五、关于公司 2024 年度利润分配预案的议案 一、关于董事长徐力先生代为履行行长职责的议案 表决情况：同意 14 票，反对 0 票，弃权 0 票。 二、关于公司 2024 年度董事会工作报告的议案 表决情况：同意 14 票，反对 0 票，弃 ...

证券代码：601825 证券简称：沪农商行 公告编号：2025-008 上海农村商业银行股份有限公司 2024 年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 分配比例：每 10 股派发现金股利人民币 1.93 元(含税)。 本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体股权登记日期将在权益分派实施公告中明确。本次末期股息 预计将于 2025 年 6 月 27 日支付，具体日期将在权益分派实施公告中 明确。 本次利润分配方案尚需提交股东大会审议批准。 本公司不触及《上海证券交易所股票上市规则（2024 年 4 月 修订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项 规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 根据毕马威华振会计师事务所（特殊普通合伙）审计的2024年度 会计报表，上海农村商业银行股份有限公司（以下简称"本公司"） 2024年度实现净利润人民币120.03亿元。本次利润分配方案如下： 1.按照 ...

上海农村商业银行股份有限公司 2024 年 12 月 31 日内部控制审计报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn】"进行查验 报告编码:京25ZAPI KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn ۱зԇ٤Ԣ㞦ѫઋࡂ (࠺ࣔޯପՠѪ) И֢Ԙч Б؍੪ 1 ՚ ك 8 ࠡםࡂ֫ٺސБ ु:100738ݺଽ ऄઢ +86 (10) 8508 5000 Ѯऱ +86 (10) 8518 5111 ৠ֭ kpmg.com/cn Ӄܰӱؘਗ਼۶ղ ࡂԢ㞦ؙআ 2515179 ՚ ЇࢁӌߖЏୣ੧ਁѡ߄ஒҸ՛ҶѽਁБ ܷࣁ澦ѣЏӄୂݏӲؙઋܶږ澧ՃИ֢ࡨӆѫઋ٤ۼЏӕөङबҼࡌͫ۩ћؙઋд ЇࢁӌߖЏୣ੧ਁѡ߄ஒҸ՛ͧљЈএ०"੧"ͨ2024 وٴ 12 ߃ 31 ...